Microsoft SL 7.0 Project Series Set 4

1.

What invoice item types in Flexible Billing update Billed-to-date?

Retention Retention Billing Other item Regular item

2.

What type of entries are created for released Revenue Schedule entries?

Invoice line items, but the revenue posts when transactions are released through Scheduled Billing Release. General Ledger journal transactions. Draft line items in Invoice and Adjustment Maintenance. Invoice line items that cannot be changed.

3.

When creating a Revenue Schedule in Scheduled Billings & Revenue, from where does the system select the Revenue GL Account?

Billing Setup Project Controller Setup Project Maintenance Billing Rule

4.

Complete the following statement. If multiple line items in Invoice Format Maintenance use the same section number, they: Choose the 2 that apply.

Will automatically be summarized into one line item when the invoice prints. May be summarized on the invoice if the information for the selected Section Type is the same. Should have the same Subtotal, Recap and Section Descriptions defined for each line. Must have the same Account Category.

5.

Which of the following is true about Billing Transaction Load? Choose the 3 that apply.

It can be automated to run after Allocation Processor. You can define a transaction cutoff date to limit the records transferred. It copies transactions from the Allocator to Flexible Billings. It copies transactions from Project Controller to Flexible Billings.

6.

Which of the following will the Cost of Sales Method To-date method in Billing Rules do?

Debit Cost of Sales and credit WIP in proportion of the current revenue to the revenue to date. Debit Cost of Sales and credit WIP in proportion of the current revenue to the contract value. Debit Cost of Sales and credit WIP in proportion of the revenue to date to the contract value. Debit Cost of Sales and credit WIP in proportion of the billing to date to the contract value.

7.

Which of the following describes the rules for Invoice Posting?

Specify the Accounts Receivable account that is used for posting. Define the General Ledger postings when an invoice is posted using Invoice & Adjustment Posting. Determine whether transactions will post to the project, the General Ledger, or both. Define whether retention is calculated and posted on the project.

8.

When is Invoice Review and Approval required?

It's required before an invoice can be printed in Final Mode. It required before an invoice can be Posted.It? required before an invoice can be Posted. It's only required if Billing Information Maintenance has been set up to require approval for the project.. It optional by invoice. It? optional by invoice.

9.

Which status will invoices generated by the Automatic Invoice creation process have?

In Process Completed Balanced Posted

10.

If part of a billing transaction is put on Hold in Invoice & Adjustment Maintenance what is the result?

The Hold Units and Amount are available the next time an invoice is created. The Hold Units and Amount appear as an adjustment to the next invoice. The invoice must be defined as adjustment doc type. The Hold Units and Amount are written off to the adjustment account in Billing Rules.

Microsoft SL 7.0 Project Series Set 4

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Microsoft SL 7.0 Project Series Set 4

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